Pending share supply (~496M) is ~136% of the current 364M float, and the mechanisms are the most dangerous types. The single largest is the newly issued Series B Preferred — a FLOATING-PRICE convertible ($100 stated value ÷ lower of two prior closing bids) registered for 205.6M conversion shares, seasoning to convertibility ~Sept 2026: a textbook death spiral that expands as the stock falls. On top of that sit 151.6M near-zero-strike pre-funded warrants (cashless, effectively issued penny stock) and ~30M in-the-money YA Series 1 warrants at $0.01. Financing cadence is relentless (offerings Sept 2025, Feb 2026, July 2026 plus continuous Yorkville SEPA draws) with a roster of known toxic converters. Two reverse splits already executed (1:40, 1:4.99) and a third contemplated. The July offering redeems the YA debenture and pauses the ELOC for 90 days — a modest mitigant — but the Series B floating preferred replaces it with a larger, more toxic overhang.